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ANNUAL REPORT 2014

Stakeholders and materiality

Finnvera has a large number of both domestic and foreign stakeholders that influence Finnvera’s operations or vice versa. The objectives of stakeholder dialogue are recognisability, coherence and an active approach. Finnvera discusses actively, among others, with clients, the personnel, cooperation partners, banks and organisations. Valuable feedback is received through these channels. This feedback can be used to develop financing services meeting the needs of enterprises even better. Interaction has been particularly close with actors in the Team Finland network, and Finnvera will move to joint premises with them in 2016.

Representing the clientele and the other key stakeholders, the Finnvera Committee serves as an interaction channel between clients and the company. The committee meets two to three times per year. Export Financing also has its own committee which ensures that the experience, know-how and competitive edge of Finnvera’s Export Financing are available to Finnish export companies.

The maintenance of international relations in organisations is important for exerting influence. Through the Ministry of Employment and the Economy, Finnvera participates in international cooperation in its own sector, for instance within the OECD and the EU, the Paris Club of public creditors, the Network of European Financial Institutions for SMEs (NEFI), and within the Berne Union, the international cooperation organisation for export credit insurers.

Finnvera cooperates with numerous organisations in Finland. These include the Federation of Finnish Enterprises, the Finnish Family Firms Association, and the Confederation of Finnish Industries. Cooperation with bodies such as banks and other providers of financing is particularly close. The goal is to increase knowledge of Finnvera and to promote the acquisition of clients and demand for financing.

Finnvera measures the success of stakeholder interaction by means of client and stakeholder surveys, which are conducted every other year. The previous survey was organised in 2013 when, on a scale of 1 to 5, Finnvera’s overall grade for managing cooperation relations was 3.9 among SME financing stakeholders and 4 among export financing stakeholders.

 

Interaction

  Stakeholder definition Stakeholder’s expectations regarding Finnvera The key themes and development targets in 2014  
Clients • Finnvera monitors markets and operates in areas of market failure, providing financing for Finnish enterprises
• Focus on start-ups and growing and internationalising clients
• Understanding clients’ needs and, if necessary, broadening the range of means, such as a change in credit and guarantee policies
• Open and diverse dissemination of information through websites, social media, newsletters
• Change in the customer service structure to improve customer service and shifting the focus to growing and internationalising enterprises
• ‘We Got Courage!’ tour together with Team Finland actors
• KasvuOpen
• Kauppalehti Kasvajat (‘Growers’) tour
• SME Export Finance Programme
• LetsGrow financing programme
• Right to grant export credit guarantees also for domestic investments
• Service event query
• Expansion of financing options
 
International organisations • Finnvera’s international framework
• A forum to bring Finland’s and Finnvera’s views to the fore
• Cooperation forum for networking and best practices by following competitor countries
• Compliance with laws and international rules
• Active participation in cooperation
• Interaction and sharing expertise
• Membership of the Montreal Group in June; development of cooperation models between members
• Climate issues brought up through the OECD, e.g. support for climate adaptation projects, limiting support for coal-fired power plants
• EU sanctions policy
• Models for export credit financing and instruments for trade finance through the Berne Union
• SME financiers’ relationship with the EIF and EIB through Nefi (Network of European Financial Institutions)
 
Personnel • Securing the personnel’s well-being and development of skills
• Ensuring customer satisfaction and the creation of value through committed personnel
• Taking care of jobs and stability
• Meaningful tasks
• Health and well-being
• Development of skills
• Labour agreement signed by three employees’ associations and the employers’ association
• Assessments of job requirements
• The personnel’s performance discussions
• Rewarding
• Training, coaching, in-house job rotation and the exchange programme with Tekes
• Personnel survey
• The Responsible Summer Job campaign of the Finnish Children and Youth Foundation
 
Organisations • Promote Finnvera’s recognisability, acquisition of clients and demand for financing • Continuous dialogue to improve companies’ financing options • Cooperation agreements with organisations
• Regional and national events: Change of Ownership Conference, National Enterprise Days, Family Firm Event, SME Barometer with the Federation of Finnish Enterprises
• Continuous dialogue with the Confederation of Finnish Industries, the Federation of Finnish Financial Services, the Federation of Finnish Technology Industries and the Federation of Finnish Enterprises through representation in administrative bodies
 
Banks • Finnvera works as a co-financier with banks on the financial markets • Success of joint client enterprises • Offsetting market failures arisen from bank regulation: Joint financing solutions, joint client enterprises  
Cooperation partners • Cooperation is important, e.g. to improve the customer experience • Well-functioning cooperation
• Recognisability of services
• Closer cooperation with Team Finland
• Team Finland cooperation: joint clients through the LetsGrow financing programme
• ‘We Got Courage!’ tour
• Development of closer cooperation
• Exchange of experts
• Making services better known
 
Ministries • Ownership steering by the Ministry of Employment and the Economy
• Cooperation with the Ministry of Finance and the Ministry for Foreign Affairs
• Finnvera implements its designated task as a provider of financing for enterprises
• Self-sustainability
• Raising the risk-taking level in SME financing
• Possibility to subscribe bonds
• Possibility to finance enterprises outside the SME definition
• Updating Finnvera’s credit and collateral policy
• Possibility to grant export credit guarantees to domestic investments promoting exports
• Raising the maximum commitments for export credit guarantees and export financing
 
         

Materiality analysis

Finnvera has defined the key corporate responsibility issues associated with stakeholders expectations and their impact on Finnveras business. The evaluation conducted in cooperation with experts from PwC was based on feedback from client and stakeholder surveys, interviews of the Chairman of the Board of Directors and the senior management, and on the findings of a workshop.

No new corporate responsibility themes have arisen in stakeholder interaction during the past year.

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